FORMER CENTRAL BANK GOV. JOSE CUISIA, JR IS NEW ENVOY TO UNITED STATES
MANILA, DECEMBER 9, 2010 (STAR) Former Central Bank governor Jose Cuisia Jr. is the country's new ambassador to the United States.
Cuisia told The STAR that President Aquino signed his appointment papers yesterday to replace outgoing Ambassador Willy Gaa.
"I'm excited about it," said Cuisia, who served during the administration of the President's mother.
Friends of the newly appointed envoy said he accepted the post because "he wants to serve."
Cuisia was Central Bank governor and chairman of the Monetary Board from 1990 to 1993, and concurrently chairman of thr Philippine Deposit Insurance Corp.
Prior to that, he was administrator and CEO of the Social Security System and chairman of Union Bank of the Philippines.
He is most associated with Philam Life, which he served as president and CEO for many years.
In September 2005, Cuisia was honored as the Insurance Personality of the Year at the 9th Asia Insurance Industry Awards in Singapore, the only Filipino to receive the award, which is given by two of the most prestigious industry publications, the Singapore-based Asia Insurance Review and the London-based The Review Worldwide Reinsurance.
He was cited for his exceptional leadership of Philam Life and for significant reforms in the insurance industry.
Overview of the BSP (CENTRAL BANK OF THE PHILIPPINES)
The Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines. It was established on 3 July 1993 pursuant to the provisions of the 1987 Philippine Constitution and the New Central Bank Act of 1993. The BSP took over from the Central Bank of Philippines, which was established on 3 January 1949, as the country's central monetary authority. The BSP enjoys fiscal and administrative autonomy from the National Government in the pursuit of its mandated responsibilities.
Governance of the Bank
The Monetary Board exercises the powers and functions of the BSP, such as the conduct of monetary policy and supervision of the financial system. Its chairman is the BSP Governor, with five full-time members from the private sector and one member from the Cabinet.
The Governor is the chief executive officer of the BSP and is required to direct and supervise the operations and internal administration of the BSP. A deputy governor heads each of the BSP's operating sector as follows:
Monetary Stability
a.. Sector takes charge of the formulation and implementation of the BSP's monetary policy, including serving the banking needs of all banks through accepting deposits, servicing withdrawals and extending credit through the rediscounting facility.
b.. Supervision and Examination Sector enforces and monitors compliance to banking laws to promote a sound and healthy banking system.
c.. Resource Management Sector serves the human, financial and physical resource needs of the BSP.
The Governor
The Governor is the chief executive officer of BSP and is required to direct and supervise the operations and internal administration of BSP. Specifically, the Governor:
a.. prepares the agenda for the meetings of the Monetary Board and submits policy recommendations for consideration of the Board;
b.. executes and administers policies and measures approved by the Monetary Board;
c.. appoints and fixes the remunerations and other emoluments of personnel, as well as imposes disciplinary measures upon personnel of the Bangko Sentral;
d.. renders opinions, decisions, or rulings, which shall be final and executory until reversed or modified by the Monetary Board, on matters regarding application or enforcement of laws pertaining to institutions supervised by the BSP and laws pertaining to quasi-banks, as well as regulations, policies or instructions issued by the Monetary Board, and the implementation thereof;
e.. and exercises such other powers as may be vested in him by the Monetary Board.
The Governor is the principal representative of the Monetary Board and of the BSP. As such, the Governor is empowered to:
a.. represent the Monetary Board and the BSP in all dealings with other offices, agencies and instrumentalities of the Government and all other persons or entities, public or private, whether domestic, foreign or international;
b.. and sign contracts entered into by the BSP, notes and securities issued by the BSP, all reports, balance sheets, profit and loss statements, correspondence and other documents of the BSP.
The BSP Seal
The new BSP logo is a perfect round shape in blue that features three gold stars and a stylized Philippine eagle rendered in white strokes. These main elements are framed on the left side with the text inscription "Bangko Sentral ng Pilipinas" underscored by a gold line drawn in half circle. The right side remains open, signifying freedom, openness, and readiness of the BSP, as represented by the Philippine eagle, to soar and fly toward its goal. Putting all these elements together is a solid blue background to signify stability.
Principal Elements:
1. The Philippine Eagle, our national bird, is the world's largest eagle and is a symbol of strength, clear vision and freedom, the qualities we aspire for as a central bank.
2. The three stars represent the three pillars of central banking: price stability, stable banking system, and a safe and reliable payments system. It may also be interpreted as a geographical representation of BSP's equal concern for the impact of its policies and programs on all Filipinos, whether they are in Luzon, Visayas or Mindanao.
Colors
a. The blue background signifies stability.
c. The stars are rendered in gold to symbolize wisdom, wealth, idealism, and high quality.
d. The white color of the eagle and the text for BSP represents purity, neutrality, and mental clarity.
Font or Type Face Non-serif, bold for "BANGKO SENTRAL NG PILIPINAS" to suggest solidity, strength, and stability. The use of non-serif fonts characterized by clean lines portrays the no-nonsense professional manner of doing business at the BSP.
Shape Round shape to symbolize the continuing and unending quest to become an excellent monetary authority committed to improve the quality of life of Filipinos. This round shape is also evocative of our coins, the basic units of our currency.
The BSP Main Complex
The BSP Main Complex in Manila houses the offices of the Governor, the Monetary Board and the different operating departments/ offices. The Complex has several buildings, namely: 5-Storey building, Multi-storey building, the EDPC building and the BSP Money Museum, which showcases the Bank's collection of currencies.
The BSP Security Plant Complex
The Security Plant Complex which is located in Quezon City houses a banknote printing plant, a securities printing plant, a mint and a gold refinery. The banknote printing plant and the mint take care of producing currency notes and coins, respectively.
The BSP Regional Offices and Branches
The BSP has three regional offices performing cash operations, cash administration, loans and rediscounting, bank supervision and gold buying operations. These regional offices are located in La Union, Cebu City and Davao City.
There are also 18 BSP branches situated in Batac (Ilocos Norte), Tuguegarao City (Cagayan), Dagupan City (Pangasinan), Cabanatuan City (Nueva Ecija), Angeles City (Pampanga), Lucena City (Quezon), Naga City (Camarines Sur), Legazpi City (Albay), Dumaguete City (Negros Oriental), Bacolod City (Negros Occidental), Iloilo City (Iloilo), Kalibo (Aklan), Tacloban City (Leyte), Cagayan de Oro City (Misamis Oriental), Ozamiz City (Misamis Occidental), Cotabato City, General Santos City (South Cotabato) and Zamboanga City (Zamboanga del Sur). They perform cash operations, cash administration, and in certain areas, gold buying operations.
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